Debt Pact Of Barber Extended

July 02, 1985

Barber-Greene Co., the financially troubled construction-equipment company, said it rescheduled its debt, including more than $10.5 million in principal and deferred interest payments that had been due last Sunday.

The Aurora firm said its domestic credit agreement has been amended so that $8.3 million of principal due last Sunday is rescheduled to Sept. 30, 1986, and principal payments totaling $6.7 million due to mature between last Sunday and Sept. 30, 1986, are now due July 25, 1987.

The firm also amended its convertible subordinated debenture agreement so that $2.2 million of deferred interest that was due Sunday and $1.8 million of interest due between Sunday and Sept. 30, 1986, is now due Sept. 30, 1986.

The company added that a $16.7 million revolving credit line for working capital that was part of the domestic credit agreement has been reduced to $10 million.